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Swan Energy Shares Skyrocket 10% as 66.62 Lakh Shares Change Hands Via Block Deal

The parties involved in the transaction are yet to be identified.

Shares of Swan Energy skyrocketed 10% on 5 December after 66.62 lakh shares of the company changed hands via a block deal.

Around 66.62 lakh shares represent a 2.3% stake in the company, changed hands on the exchanges via a block deal.

The parties involved in the transaction are yet to be identified.

The block deal led to a spike in volumes in the counter as 81 lakh shares changed hands on the exchanges so far, which is double its one-month daily traded average of 40 lakh shares.

The company had recently taken over Reliance Naval and Engineering, which was once led by Anil Ambani from NCLT, after making a payment of Rs 231.4 crore towards the upfront payment obligations.

Furthermore, the company also reported a stellar performance in its quarterly report for July-September. The company reported its revenue at Rs 1,223.26 crore for the quarter from Rs 143.47 crore reported in the same quarter last year.

The net profit of the company also increased more than two-fold to Rs 84.58 crore from Rs 31.96 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Swan Energy closed 7.57% higher at Rs 449.55 on NSE.

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